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As a contractor, it's important that you choose the right bank account.
For a start-up, many banks will offer an introductory free banking period which means that you won't face monthly charges for using the account! However, other fees may apply.
Basic accounts generally offer no monthly fee, with fixed fees on payments in and out, withdrawals and deposits - meaning you'll always know what you're paying.
It's a fact that people are more likely to divorce their other half than switch their business bank account. If you are worried about switching, then you shouldn't be as all business accounts are covered by a 7-day switcher guarantee. (Just make sure your bank is registered with this scheme!).
If you are savvy enough to use online banking regularly then you may want to ask other business owners what their thoughts are on the application. Standards of online banking vary and no one wants to go backwards when they are trying to move forward.
If you are having trouble setting up a business bank account or switching from your current one, then there are still options available where you can avoid credit checks.
What they offer:
Fees on the account can be paid monthly or annually. The account is simple and easy to use and it can also be cheaper than a standard business bank account!
Business accounts for contractors are very simple and straightforward, they are designed for individuals who are classed as contractors, self-employed or sole traders. Those who fit into these professions will generally use their business accounts for a much smaller amount of transactions, they will usually have smaller balances on their accounts – compared to larger businesses. A high street bank may not be required in this case.
Accounts for contractors can also have less restrictions than those for larger companies, this includes the fact that no minimum balance is required and that the application process is much simpler. A less complicated application process can be a huge help when it comes to setting up a contracting business it can also save you some time during the set up – as your own time is very precious!
Even though contractor accounts are created to have a simpler application process than standard accounts, they will still offer you the same benefits, such as direct debits, potential overdraft options and online account management.